Devon Energy Co. (NYSE:DVN) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System reduced its stake in Devon Energy Co. (NYSE:DVN) by 2.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,033 shares of the energy company’s stock after selling 1,268 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Devon Energy were worth $2,324,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. boosted its holdings in Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares during the last quarter. Retirement Group LLC lifted its stake in shares of Devon Energy by 21.8% in the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after buying an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in Devon Energy by 7.4% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after buying an additional 209 shares during the last quarter. MCF Advisors LLC increased its holdings in Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after buying an additional 215 shares during the last quarter. Finally, Annex Advisory Services LLC increased its holdings in Devon Energy by 0.8% during the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after buying an additional 223 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DVN. Bank of America reiterated a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Mizuho lifted their target price on shares of Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Scotiabank reduced their target price on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Finally, Wolfe Research began coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.75.

Devon Energy Stock Performance

DVN stock traded down $0.22 during mid-day trading on Friday, hitting $44.78. 5,832,476 shares of the company were exchanged, compared to its average volume of 7,091,220. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The business has a 50 day simple moving average of $45.85 and a 200-day simple moving average of $47.54. The stock has a market capitalization of $28.30 billion, a PE ratio of 8.55, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $1.18 earnings per share. On average, equities analysts forecast that Devon Energy Co. will post 5.4 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.97%. Devon Energy’s payout ratio is presently 16.79%.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.